Money entering crypto ETFs over their first two years meant institutions were arriving, and institutions arriving meant more demand for crypto. However, mid-2026 has made that relationship considerably more complicated. Digital asset investment products went through eight consecutive weeks of withdrawals totalling a
$544. That is the average withdrawal on Argentine retail crypto rails such as Lemon Wallet. The median transfer is between $150 and $270—closer to rent money than a portfolio shift. That figure changes the familiar image of capital flight. Money once moved offshore through private bankers and complex accounts. Across
Abraxas Capital, Fasanara Capital, and Wintermute still hold over $600 million in short positions in Bitcoin (BTC) and Ethereum (ETH). Blockchain tracker Lookonchain identified the positions as market maker hedging accounts. Their liquidation prices sit far above current market levels. Liquidation Prices Sit Far Above